The $2.3 billion new underground operations at the Venetia mine in South Africa have begun production; according to global diamond giant De Beers, who released the first results on Tuesday.
In order to move to the underground mining project it began planning ten years ago, De Beers, a division of Anglo American Plc, terminated its 30-year open pit mining operations at Venetia in December 2022.
According to a statement from De Beers, the highly automated underground operation will eventually generate 4 million carats of diamonds annually and is presently 70% complete. In 2022, De Beers produced 34.6 million carats, and in 2023, the company is expected to generate 30 million to 33 million carats.
The world-class Venetia mine’s move underground will increase De Beers Group’s production globally and demonstrate our dedication to South Africa, according to Moses Madondo, managing director of De Beers Group Managed Operations.
The Venetia mine’s life will be extended through at least 2045 as construction and production speed up over the coming years, according to De Beers.
